Retail sales in the 16 countries that use the euro edged up in April after four consecutive monthly declines, official figures showed Thursday ahead of the European Central Bank's interest rate decision, according to AP. The EU's statistics office Eurostat said retail sales in the euro zone rose 0.2 percent in April from the month before, when sales had declined a modest 0.1 percent. The last time sales did not fall was last November, when they were flat. The increase in April was in line with market expectations. In the year to April, retail sales fell by 2.3 percent, modestly better than the 3.4 percent drop recorded in the year to March. With Europe's industrial sector savaged by the global recession, policy-makers at the European Central Bank and across governments are trying to get consumers to spend again by means of big fiscal boosts and deep interest rate reductions. Figures Wednesday confirmed that the euro zone shrank by 2.5 percent in the first quarter of 2009 from the previous three month period as demand for high-value exports, such as cars and heavy machinery, slumped amid sliding trade volumes. The European Central Bank is expected to keep its benchmark interest rate unchanged at 1 percent later Thursday and flesh out details of its ¤60 billion covered bond purchase plan, which seeks to inject money into the economy.
